Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

Singapore Real estate / Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 363.047px; height: 14px;"> </td><td style="width: 362.953px; height: 14px;">ELITE (GBP)</td></tr><tr><td style="width: 363.047px; height: 14px;">Period</td><td style="width: 362.953px; height: 14px;">1H21</td></tr><tr><td style="width: 363.047px; height: 14px;">Gross Revenue (S$ m)</td><td style="width: 362.953px; height: 14px;">15.9 (+37.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NPI (S$ m)</td><td style="width: 362.953px; height: 14px;">15.4 (+37% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">DPU (S$ c)</td><td style="width: 362.953px; height: 14px;">2.63 (+8.7% vs forecast)</td></tr><tr><td style="width: 363.047px; height: 14px;">NAV per Unit (S$)</td><td style="width: 362.953px; height: 14px;">0.62</td></tr><tr><td style="width: 363.047px; height: 14px;">P/B (x)</td><td style="width: 362.953px; height: 14px;">1.08</td></tr><tr><td style="width: 363.047px; height: 14px;">Occupancy (%)</td><td style="width: 362.953px; height: 14px;">100</td></tr><tr><td style="width: 363.047px; height: 7px;">Reversion (%)</td><td style="width: 362.953px; height: 7px;">Not Disclosed</td></tr><tr><td style="width: 363.047px; height: 14px;">Gearing (%)</td><td style="width: 362.953px; height: 14px;">42.1</td></tr><tr><td style="width: 363.047px; height: 14px;">Cost of Debt (%)</td><td style="width: 362.953px; height: 14px;">1.9</td></tr><tr><td style="width: 363.047px; height: 14px;">1 Yr Fwd Yield (%)</td><td style="width: 362.953px; height: 14px;">7.41</td></tr><tr><td style="width: 363.047px; height: 14px;">Debt Hedged (%)</td><td style="width: 362.953px; height: 14px;">63</td></tr><tr><td style="width: 363.047px; height: 14px;">Target Price</td><td style="width: 362.953px; height: 14px;">N/A</td></tr><tr><td style="width: 363.047px; height: 14px;">Rating</td><td style="width: 362.953px; height: 14px;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) ELITE (GBP)Period1H21Gross Revenue (S$ m)15.9 (+37.7% vs forecast)NPI (S$ m)15.4 (+37% vs forecast)DPU (S$ c)2.63 (+8.7% vs forecast)NAV per Unit (S$)0.62P/B (x)1.08Occupancy (%)100Reversion (%)Not DisclosedGearing (%)42.1Cost of Debt (%)1.91 Yr Fwd Yield (%)7.41Debt Hedged (%)63Target PriceN/ARatingN/A

ASEAN Builder's Scoop (02Jul21) - ELITE >7% GBP Yield with Min Collection Risks